July 19, 2012
Spain’s five-year borrowing costs hit new euro-era highs at an auction.
The 6.459 percent yield on Spain’s July 2017 bond was almost 40 basis points higher from the previous sale just a month ago, at levels not paid by the Treasury in 16 years.
July 4th, 2012
On July 4th physicists working in Geneva at CERN, the world’s biggest particle-physics laboratory, announced that they had found the Higgs boson (see article). Broadly, particle physics is to the universe what DNA is to life: the hidden principle underlying so much else. Like the uncovering of DNA’s structure by Francis Crick and James Watson in 1953, the discovery of the Higgs makes sense of what would otherwise be incomprehensible. Its significance is massive. Literally. Without the Higgs there would be no mass. And without mass, there would be no stars, no planets and no atoms. And certainly no human beings. Indeed, there would be no history. Massless particles are doomed by Einstein’s theory of relativity to travel at the speed of light. That means, for them, that the past, the present and the future are the same thing.